Rolls-Royce Chief discusses target for Sustainable Aviation Fuel
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The Gulf state is poised to invest up to £100million in Rolls-Royce’s plan to develop a new generation of mini nuclear reactors that will change the energy game. They join the French Perrodo family, which made its fortune from the private oil company Perenco, and US nuclear giant Exelon Generation in the project. The deal will dilute Rolls-Royce’s 80 percent stake in the venture.
A formal announcement, once the deal is finalised, is expected later this week.
But it will likely cement deeper ties with Qatar after the Qatar Foundation and Rolls-Royce agreed a deal to invest in green technology.
They hope it will create up to 10,000 jobs and ultimately create up to five new billion-dollar businesses.
It comes after Prime Minister Boris Johnson was told the UK is set to take advantage of a £250billion market after securing £450million in funding for their mini nuclear reactors.
Rolls-Royce’s small modular reactors (SMRs) are, according to the aerospace company, a cheaper and easier way to generate power than traditional nuclear power stations.
In fact, it SMRs might just be the cheapest way to achieve net zero energy to power our homes, according to Rolls-Royce’s CTO Paul Stein.
Mr Stein told Express.co.uk in an exclusive interview that while an SMR only takes up less than two football pitches in terms of its size, it can power around half a million homes, which is the same size as a city like Leeds.
But not only does the company claim SMRs offer a cheaper route to net zero, but SMRs could also apparently generate huge profits for the UK.
Mr Stein said: “There is a big export potential for the UK.
“We see it as a significant contribution not only to net zero but a revived UK economy.
“The export opportunity for SMRs is £250billion for the total market.
“We think we have got one of the most competitive designs in the world for SMR and we’re very upbeat in the UK’s role in taking a big share of the global market.”
It comes after the company announced the establishment of a new business – Rolls-Royce SMR Limited – for the deployment and commercialisation of its SMR technology.
The announcement follows the securing of £210million in funding from the Government, matched by more than £250million of private investment.
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It comes after Mr Johnson announced his “Ten Point Plan” for a “green industrial revolution,” which included delivering new and advanced nuclear power.
Rolls has set a target for each small reactor to cost £1.8billon, which compares with up to £23billion for the more traditional reactors.
The units will generate up to 440 megawatts, enough to power a city the size of Sheffield.
If delivered on budget they will deliver a seventh of the power of Hinkley Point C in Somerset for a twelfth of the price.
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